Edward J. Strafaci ~ Academic Blog

Why Diversity Matters By Patricia David JPMorgan Chase & Co., Global Head of Diversity Published Thursday,  October 8, 2015 When I first started working in the Diversity space 20 years ago, it was very different. Diversity back then was all about the numbers. There was one question that everyone was focused on, “How many do you have?” Affirmative Action was trying to change the face of corporate America by sheer numbers. Today, diversity is a lot more than the numbers. Of course they still matter, but they don’t tell the whole story. And many will tell you that corporate diversity is actually very much about culture. It's ingrained in the fabric of a company, the quality of its people, and reflected very much in the "look and feel" of the organization. The questions we ask today are: “Who do you have?” “How can we make our company a place where everyone feels comfortable being themselves?” “How do we foster an environment where people love coming to work ...

The island bet on multinational manufacturers, who bailed when the U.S. repealed a key tax incentive. Meanwhile, frustrated local entrepreneurs fled to the mainland. ARECIBO, Puerto Rico – Prudo Jimenez was born on a sugar farm here in 1941, when agriculture ruled Puerto Rico’s economy. He grew up to be a supervisor for drug maker Syntex in the 1960s, after U.S. manufacturers came in droves, seeking a tax haven. The peppy 75-year-old personifies an economic development movement designed to transform a generation from poor farmers to industry leaders. Yet when Jimenez started his own venture, a horse breeding operation, he couldn't make it work. His sons fared no better. Carlos Jimenez, 48, and Anjoe, 50, each started businesses only to see them go under in a decade-long economic slump that continues today. Families like the Jimenezes highlight the U.S. territory's failure over decades to nurture a sustainable economy, one anchored by local entrepreneurs,...

By all appearances, we’re in a golden age of innovation. Every month sees new advances in artificial intelligence, gene therapy, robotics and software apps. Research and development as a share of gross domestic product is near an all-time high. There are more scientists and engineers in the U.S. than ever before. None of this has translated into meaningful advances in Americans’ standard of living. Economies grow by equipping an expanding workforce with more capital such as equipment, software and buildings, then combining capital and labor more creatively. This last element, called “total factor productivity,” captures the contribution of innovation. Its growth peaked in the 1950s at 3.4% a year as prior breakthroughs such as electricity, aviation and antibiotics reached their maximum impact. It has steadily slowed since and averaged a pathetic 0.5% for the current decade. Outside of personal technology, improvements in everyday life have been incremental, not revoluti...